Robert Regan Shannon Sells 5,104 Shares of Permian Resources (NYSE:PR) Stock

Permian Resources Corporation (NYSE:PR) EVP Robert Shannon sold 5,104 shares of the company’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $23.75, for a total value of $121,220.00. Following the transaction, the executive vice president directly owned 1,346,698 shares in the company, valued at $31,984,077.50. The trade was a 0.38% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Permian Resources Stock Performance

Shares of PR opened at $23.38 on Friday. The company’s 50 day moving average price is $21.00 and its 200 day moving average price is $20.18. Permian Resources Corporation has a 52 week low of $11.92 and a 52 week high of $24.09. The company has a market capitalization of $19.58 billion, a PE ratio of 15.48 and a beta of 0.49. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.62 and a current ratio of 0.62.

Permian Resources (NYSE:PR) last issued its earnings results on Wednesday, August 5th. The company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.10. Permian Resources had a return on equity of 13.47% and a net margin of 21.52%.The company had revenue of $1.86 billion for the quarter, compared to analyst estimates of $1.66 billion. During the same period in the prior year, the firm posted $0.28 EPS. The business’s revenue was up 55.1% compared to the same quarter last year. Research analysts expect that Permian Resources Corporation will post 2.27 EPS for the current fiscal year.

Permian Resources Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Wednesday, September 16th will be given a $0.16 dividend. The ex-dividend date of this dividend is Wednesday, September 16th. This represents a $0.64 dividend on an annualized basis and a dividend yield of 2.7%. Permian Resources’s dividend payout ratio (DPR) is currently 42.38%.

Institutional Trading of Permian Resources

A number of institutional investors and hedge funds have recently modified their holdings of the company. AQR Capital Management LLC raised its stake in shares of Permian Resources by 69.2% in the 1st quarter. AQR Capital Management LLC now owns 149,696 shares of the company’s stock valued at $2,060,000 after buying an additional 61,230 shares in the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Permian Resources by 18.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 5,452,127 shares of the company’s stock valued at $75,512,000 after purchasing an additional 852,347 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Permian Resources by 7.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,209,457 shares of the company’s stock worth $16,751,000 after buying an additional 87,105 shares in the last quarter. EverSource Wealth Advisors LLC lifted its position in shares of Permian Resources by 340.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,170 shares of the company’s stock worth $57,000 after buying an additional 3,224 shares during the period. Finally, Marshall Wace LLP boosted its stake in Permian Resources by 21.3% in the 2nd quarter. Marshall Wace LLP now owns 93,507 shares of the company’s stock valued at $1,274,000 after buying an additional 16,443 shares in the last quarter. 91.84% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on PR shares. Evercore assumed coverage on Permian Resources in a research report on Tuesday, June 23rd. They issued an “outperform” rating and a $25.00 price target on the stock. UBS Group lowered their target price on Permian Resources from $25.00 to $24.00 and set a “buy” rating on the stock in a report on Friday, July 17th. Morgan Stanley reiterated an “overweight” rating on shares of Permian Resources in a report on Wednesday, August 19th. Seaport Research Partners started coverage on shares of Permian Resources in a research note on Thursday. They issued a “buy” rating and a $29.00 price objective on the stock. Finally, Truist Financial upped their target price on shares of Permian Resources from $22.00 to $24.00 and gave the company a “buy” rating in a research note on Monday, August 10th. Six equities research analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Permian Resources has an average rating of “Buy” and a consensus price target of $23.65.

Permian Resources News Summary

Here are the key news stories impacting Permian Resources this week:

• Positive Sentiment: Strong quarterly results: Permian Resources reported adjusted earnings of $0.69 per share, exceeding the $0.59 analyst consensus, while revenue of $1.86 billion surpassed the $1.66 billion estimate and increased 55.1% year over year. The results reinforced the company’s growth outlook and helped drive the post-earnings rally. Permian Resources post-earnings performance
• Positive Sentiment: Analyst upgrade: Wells Fargo raised Permian Resources to “strong buy,” adding to an already favorable consensus rating of “Buy.” Six analysts rate the stock a strong buy and 12 rate it a buy, supporting investor confidence.
• Positive Sentiment: Dividend support: The company declared a quarterly dividend of $0.16 per share, equivalent to a $0.64 annualized payout and an approximately 2.7% yield. Its 42.38% payout ratio indicates the dividend is supported by current earnings.
• Neutral Sentiment: Insider sales were limited and tax-related: Three executive vice presidents sold shares worth roughly $121,000 to $130,000 each. The transactions represented less than 1% of each executive’s holdings and were made to cover tax withholding on vested equity awards, reducing their significance as a bearish signal. Permian Resources insider transactions

Permian Resources Company Profile

Permian Resources (NYSE: PR) is an independent exploration and production company focused on the acquisition, development and optimization of oil and natural gas assets in the Permian Basin. The company’s operations encompass all phases of upstream activity, including geological and geophysical analysis, drilling, completion and production. By employing horizontal drilling and hydraulic fracturing technologies, Permian Resources aims to efficiently unlock hydrocarbon reserves and deliver consistent production growth.

Headquartered in Oklahoma City, Permian Resources concentrates its asset portfolio in the Delaware and Midland sub-basins of West Texas and southeastern New Mexico.